NMDC beat our expectations (EBITDA Rs 9.0bn vs. estimate of Rs 8.0bn, -55.0% YoY, -18.2% QoQ) driven by lower consumables and employee costs. The profitability declined sharply owing to pressure on prices (-44% YoY, -12.5% QoQ), with weaker volumes (6.7 mT, -8.2% YoY) weighing on as well.